- The growth of this market can be attributed to the growing demand for new emerging use cases, such as smart grid, telemedicine, connected cars, and industrial automation
- The report added that the managed services segment is expected to grow at the highest CAGR during the forecast period
The global 5G IoT market size is projected to grow from USD 2.6 billion in 2021 to USD 40.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 73.0 per cent during the forecast period as per a report by ResearchAndMarkets.The growth of this market can be attributed to the growing demand for new emerging use cases, such as smart grid, telemedicine, connected cars, and industrial automation.
The report added that the managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services in the 5G IoT market outsource a complete network or a part of it on a proactive management basis to improve the network operations and reduce the organizational expenses.
It said, “Businesses deploy 5G IoT solutions to manage four elements: products, processes, people, and infrastructure. In industries, advanced sensors, control systems, and software applications work together to obtain and share real-time information as finished goods make their way down the production line. Managed services connect people across all business functions and regions and provide them with relevant information related to intelligent designs, operations, and maintenance as well as offer high-quality services and safety.
Healthcare segment to grow at the highest CAGR during the forecast period
Healthcare segment to grow at the highest CAGR during the forecast period. The demand for 5G IoT in the healthcare industry is largely driven by the increasing demand for IoT devices in healthcare; these devices are used to reduce costs and improve the quality of care. IoT uses applications and leverages the benefits of connected sensors to manage the diagnosis and enable patient treatment. The concept of 5G IoT in healthcare has transformed the way healthcare organisations interact with patients and day-to-day decision-making, thereby resulting in increased operational efficiency and optimized healthcare outcomes.
Asia Pacific (APAC) region to record the highest growing region in the 5G IoT market, followed by Europe. This is due to a huge market growth can be several South Korean and Chinese telecom operators launching 5G networks and the increasing demand for high-speed networks in manufacturing industries. The region has become the center of attraction for major investments and business expansion opportunities.
